China Journal of Accounting Research最新文献_第6页

Do investors care about auditor assignments? Evidence from last-minute changes to signing auditors 投资者关心审计师的任命吗？从最后一刻更换签约审计师中获得的证据

IF 3.6

China Journal of Accounting Research Pub Date : 2024-03-01 DOI: 10.1016/j.cjar.2023.100342

Yangyang Wang , Yiqun Xie , Huanmin Yan , Rui Zhang

{"title":"Do investors care about auditor assignments? Evidence from last-minute changes to signing auditors","authors":"Yangyang Wang , Yiqun Xie , Huanmin Yan , Rui Zhang","doi":"10.1016/j.cjar.2023.100342","DOIUrl":"https://doi.org/10.1016/j.cjar.2023.100342","url":null,"abstract":"<div><p>Against the background of China’s strengthening of finance and accounting supervision, this study examines the practice among listed companies of changing signing auditors at the last minute and explores whether Chinese investors can capture this information in a timely manner. We find that China’s capital market responds significantly negatively to these last-minute changes, implying that investors perceive a potential negative impact of this behavior. Cross-sectional analyses suggest that the characteristics of the change event, recent corporate events, and accounting firm capability significantly affect the stock price response. Furthermore, in terms of the individual characteristics of signing auditors, external investors appear to comprehensively consider busyness level, industry experience, and the timing of the change to determine the causes and effects of the auditor change and make different market reactions accordingly. In addition, consistent with investor perceptions, we find that last-minute changes significantly impair the quality of financial statements, indicating that external investors’ judgments based on information about changes in signing auditors are rational and effective.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 1","pages":"Article 100342"},"PeriodicalIF":3.6,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309123000527/pdfft?md5=0fd5a9ccc386abcc6dbab291f884b98f&pid=1-s2.0-S1755309123000527-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140103376","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Registration system reform and initial public offering ownership preference: Evidence from China 注册制改革与首次公开募股所有权偏好：来自中国的证据

IF 3.6

China Journal of Accounting Research Pub Date : 2024-03-01 DOI: 10.1016/j.cjar.2024.100343

Xihao Wu, Di Zhang, Zhongxin Wu

{"title":"Registration system reform and initial public offering ownership preference: Evidence from China","authors":"Xihao Wu, Di Zhang, Zhongxin Wu","doi":"10.1016/j.cjar.2024.100343","DOIUrl":"10.1016/j.cjar.2024.100343","url":null,"abstract":"<div><p>Whether registration system reform (RSR) can curb administrative intervention and create a fair market environment has long been a concern in China. We explore this issue from the perspective of the initial public offering (IPO) preference based on the entropy balancing method, and findings are as follows. First, an IPO ownership preference exists under approval system. That is, state-owned enterprises (SOEs) are more likely than private enterprises to obtain IPO approval. However, RSR significantly changes this preference, especially for non-politically connected private enterprises. Second, the post-IPO market performance of SOEs is inferior to that of private enterprises under approval system, thus excluding the view that approval is prioritized for SOEs because of superior performance. Third, compared with SOEs, private enterprises are more likely to switch the issuance system from approval system to registration system; this change makes it easier for them to obtain IPO approval, indicating that private enterprise owners perceive the registration channel to be fairer. Fourth, the effect of RSR on IPO ownership preference mainly occurs in companies in three major urban agglomerations in China—the Pearl River Delta, the Yangtze River Delta, and the Beijing–Tianjin–Hebei region—and in technology-intensive industries. Collectively, our findings reveal that RSR cultivates a fairer IPO approval process.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 1","pages":"Article 100343"},"PeriodicalIF":3.6,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309124000017/pdfft?md5=206ee3a0142a6dcb11181209ef4c1871&pid=1-s2.0-S1755309124000017-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139825276","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Can the improvement of competitive adequacy and fairness reduce discriminatory M&A behavior? Evidence from the market access negative list pilot in China 提高竞争充分性和公平性能否减少歧视性并购行为？来自中国市场准入负面清单试点的证据

IF 3.6

China Journal of Accounting Research Pub Date : 2024-03-01 DOI: 10.1016/j.cjar.2023.100340

Xiongyuan Wang , Jing Xu , Shuai Wang

引用次数: 0

Digital technology, the industrial internet, and cost stickiness 数字技术、工业互联网和成本粘性

IF 3.6

China Journal of Accounting Research Pub Date : 2024-03-01 DOI: 10.1016/j.cjar.2023.100339

Lili Hui , Huobao Xie , Xiaofang Chen

引用次数: 0

Stock transferability, the managerial learning effect and corporate innovation 股票可转让性、管理学习效应和企业创新

IF 3.6

China Journal of Accounting Research Pub Date : 2024-03-01 DOI: 10.1016/j.cjar.2023.100341

Xuehang Yu , Junxiong Fang

引用次数: 0

Does executives’ overseas experience improve firms’ labor investment efficiency? 高管的海外经历是否提高了企业的劳动投资效率?

IF 3.6

China Journal of Accounting Research Pub Date : 2023-11-14 DOI: 10.1016/j.cjar.2023.100332

Wenfei Li , Manlin Rong , Jing Wu

{"title":"Does executives’ overseas experience improve firms’ labor investment efficiency?","authors":"Wenfei Li , Manlin Rong , Jing Wu","doi":"10.1016/j.cjar.2023.100332","DOIUrl":"10.1016/j.cjar.2023.100332","url":null,"abstract":"<div><p>Based on upper echelons theory and using a sample of private Chinese A-share listed firms from 2008 to 2020, this paper studies the impact of executives’ overseas experience on firms’ labor investment efficiency. The results show that executives with overseas experience significantly enhance firms’ labor investment efficiency. After distinguishing between different types of overseas experience, the results show that executives with only study experience or with both study and work experience abroad have a significant positive effect on firms’ labor investment efficiency, while executives with only overseas work experience have no significant effect. A cross-sectional analysis based on labor adjustment costs shows that the positive impact of executives’ overseas experience is more pronounced in labor-intensive firms, firms with a greater proportion of R&D investment and firms with a higher percentage of highly educated employees. The mechanism tests show that executives with overseas experience can optimize labor investment efficiency by lowering agency costs, attracting analyst attention and alleviating financing constraints under conditions of underemployment. This study enriches the literature on the characteristics of executive teams and the efficiency of labor investment, providing reference and inspiration for firms to attract more high-quality returnees and optimize their labor resource allocation.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"16 4","pages":"Article 100332"},"PeriodicalIF":3.6,"publicationDate":"2023-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309123000424/pdfft?md5=2722d5f71115e98424f1c86774d5636d&pid=1-s2.0-S1755309123000424-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135715684","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

How do board features and auditor characteristics shape key audit matters disclosures? Evidence from emerging economies 董事会特征和审计师特征如何影响关键审计事项的披露?来自新兴经济体的证据

IF 3.6

China Journal of Accounting Research Pub Date : 2023-11-11 DOI: 10.1016/j.cjar.2023.100331

Md Mustafizur Rahaman , Md. Rezaul Karim

引用次数: 0

Stock market liberalization and financial reporting quality 股票市场自由化与财务报告质量

IF 3.6

China Journal of Accounting Research Pub Date : 2023-09-26 DOI: 10.1016/j.cjar.2023.100328

Hongpan Zhang , Jiayue Zhao

{"title":"Stock market liberalization and financial reporting quality","authors":"Hongpan Zhang , Jiayue Zhao","doi":"10.1016/j.cjar.2023.100328","DOIUrl":"10.1016/j.cjar.2023.100328","url":null,"abstract":"<div><p>This study employs the Mainland-Hong Kong Stock Connect pilot program in China to investigate the influence of stock market liberalization on firm-level financial reporting quality (FRQ). First, through a staggered difference-in-difference specification strategy, we find that eligible firms experience a significant improvement in FRQ, as measured by a composite proxy of accrual earnings management, real activities manipulation, and financial report restatement. Second, cross-sectional analyses suggest that the effect is stronger when firms are headquartered in regions with weaker institutional environments, characterized by lower judicial efficiency and less developed financial markets. We also show that the impact is more pronounced when firms face less external pressure and possess more effective corporate governance before stock market liberalization. Third, further evidence highlights that augmented FRQ is associated with a reduction in regulatory compliance costs, an improvement in stock price efficiency, and a mitigation of financing constraints. Collectively, we shed new light on the role of stock market liberalization in shaping firms’ financial reporting behavior.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"16 4","pages":"Article 100328"},"PeriodicalIF":3.6,"publicationDate":"2023-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309123000382/pdfft?md5=ee14740852f90839b187f193c11f4809&pid=1-s2.0-S1755309123000382-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134915396","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Partial portfolio disclosure, investors’ attention, and window dressing 部分投资组合披露、投资者关注和粉饰账面

IF 3.6

China Journal of Accounting Research Pub Date : 2023-09-25 DOI: 10.1016/j.cjar.2023.100330

Shujian Guo

引用次数: 0

Can industry information disclosure improve audit quality? 行业信息披露能否提高审计质量?

IF 3.6

China Journal of Accounting Research Pub Date : 2023-09-16 DOI: 10.1016/j.cjar.2023.100327

Chen Qiao , Guojian Zheng , Ying Zheng

引用次数: 0